Property investor Quorum has acquired a 45,000 sq ft industrial unit on the Clarke Industrial Estate, Trafford Park, for an undisclosed sum.
The deal represents a net initial yield in excess of 10%.
The vendor is a Jersey investment fund.
The self-contained building is currently let to Tullis Russell, although the company in no longer in occupation.
Quorum director Paul Wardle said: "We are working closely with the existing tenant to agree an exit strategy and plan to undertake a substantial refurbishment of the building before bringing it to the market."
Jones Lang LaSalle acted on behalf of the vendor.